Casey Container signs stock deal to help launch future production

By Frank Antosiewicz
Correspondent

Published: April 10, 2014 3:34 pm ET
Updated: April 10, 2014 3:37 pm ET

Related to this story

Topics Sustainability, Blow Molding, Beverage, Beverage (carbonated water), Beverage (soda, 1 liter), Beverage (soda, 2 liter), Beverage (soda, 3+ liter)

Casey Container Corp. continues to try to build on its plan to offer biodegradable plastic containers, announcing that it has signed a $10 million stock purchase agreement with an investment group that wants to remain anonymous until the deal closes.

Casey Container of Paradise Valley, Ariz., said that its board of directors signed an agreement in which it will gain $5 million in equity for 40 percent of issued and outstanding common shares of Casey. The deal also includes a $5 million long-term note, which carries an interest rate of 6 percent. The investment firm would also gain one seat on the Casey board of directors.

The closing is expected to occur between mid-May and mid-June.

Casey Container is a company that has taken steps to design and custom manufacture biodegradable PET preform bottles for the water, beverage and container markets. It has a license from BioTec Environmental LLC of Albuquerque, N.M., to use the EcoPure additive to help enhance the biodegradability of the preforms.

The company did not return a call for comment.

According to its latest Security and Exchange Commission filing, the company had no sales revenue in 2012 or 2013, but is continuing its quest to raise capital to buy machinery and lease a facility.

In September 2011, Casey and Crown Hospitality Group LLC of Schaumburg, Ill., announced that it had a $4 million agreement for equity funding. At that time, the company was looking in Florida near Tampa and St. Petersburg for a manufacturing site.


Comments

Casey Container signs stock deal to help launch future production

By Frank Antosiewicz
Correspondent

Published: April 10, 2014 3:34 pm ET
Updated: April 10, 2014 3:37 pm ET

Post Your Comments


Back to story


More stories

Image

Brown signs California's plastic bag ban into law

September 30, 2014 1:38 pm ET

Gov. Jerry Brown (D) made it official today: plastic bags are banned across the entire state of California.    More

Image

Teens put a cap on watery ketchup

September 30, 2014 1:57 pm ET

Whether you spell it ketchup or catsup, use it on burgers or fries, or prefer Heinz or Hunt's, there is one universal problem for the ages: That...    More

Image

Recycling group releases shrink sleeve label guidelines

September 26, 2014 4:02 pm ET

A post-consumer plastics recycling trade group is out with a set of recommendations to help guide the packaging industry on the use of shrink sleeve...    More

Image

Chemical regulation policy update likely to remain in limbo

September 26, 2014 1:13 pm ET

Efforts to broker a deal on national chemical regulation policy appear to have fallen apart in the waning days of the 113th Congress, leaving...    More

Image

ATI strikes gold with bowling pinsetter production

September 26, 2014 12:30 pm ET

Heavy-duty equipment used to arrange and re-set bowling pins netted three awards for Associated Thermoforming Inc. in the parts competition at the Soc...    More

Market Reports

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 million dollar plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our industry analysis highlights macro industry trends and micro trends faced by companies that do business in Mexico. The report also provides key industry statistics and forecasts to anticipate future industry expansion.

Learn more

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

Learn more

Injection Molders Market Report & Ranking 2014

This special package contains our 132-page 2014 Market Report on the Injection Molding segment and our exclusive 2014 RANKINGS database of 500+ Injection Molders for a discounted package price.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

More Events